Belgian firm launches QR code-based P2P payments app

To carry out a transaction, the receiver opens the app on their phone and enters the amount to be paid. A unique QR code is then created on the screen which the payer reads with the app on their phone before entering a code to confirm the payment.

The app - which can be used to send up to EUR125 - works with Android and iOS devices and is linked to users' Bancontact/Mister Cash's cards. The firm claims 15 million cardholders.

Bancontact/Mister Cash will begin pilots with its partner banks this year ahead of a commercial launch planned for 2014.